Pump up your savings

INQUIRER.net

7 months ago

Imagine this – you have a stable source of income, you are able to pay your bills on time, you can afford to shop and dine out on a regular basis, and you can even go on vacation getaways once in a while. And yet, you still find it a bit of a struggle to save.

Figuring out how to properly handle your finances is no mean feat. Yes, spending can be truly tempting (and oh-so easy to do), but having a substantial savings fund is of utmost importance. It should be your top priority so that you can breathe easy when life throws an unexpected financial curveball at you.

However challenging it may seem, it’s never too late to start saving. Here are a handful of ways you can build up your savings.

Earn Extra Cash

Having an additional source of income is a surefire way to increase your savings. There are plenty of moneymaking opportunities out there that you can capitalize on depending on your interests and skills. If you have plenty of time to spare, you can take on part-time and freelance jobs—be it as a tutor, writer, editor, graphic artist, a weekend photographer and more! Or you can put your entrepreneurial skills to good use and set up a part-time business, one that won’t be too taxing and something you can manage without causing conflict with your existing job.

Challenge Yourself

Make saving fun by doing money challenges. There are all kinds of savings challenges out there for you to try. You can give the 52-Week Savings Challenge a go. Every week, you need to set aside a specific amount and it gradually increases as the weeks progress. If you decide to start at P50 on your first week, you need to increase the amount put into the pot per week by increments of P50. By the end of the challenge, you’ll accumulate a total amount of P68,900.

It Pays To Plan… Even With Your Meals

Planning your meals isn’t merely a solution to your monotonous and repetitive menu at home. Not only will it help you save time and effort, it can also shave off a few bucks on your food expense. You can start by rounding up everything stored in your fridge and cupboard and work out a weekly meal plan based on what you have available. Get the entire family involved and ask for suggestions on what meals they’d like to have that week. This way, you’ll most likely prevent food wastage. You can also plan to have leftovers that you can take for lunch the next day instead of ordering out. It may not seem like a lot of money at first, but it all adds up. Plus, you’ll be eating more healthy too!

Pretty basic, right? But it takes discipline and willpower to build up your savings. You don’t need to make drastic changes immediately, you can start by making small, gradual steps towards achieving your financial goals.

Shop and Save with your BDO Credit Card

Saving doesn’t necessarily mean you have to completely avoid spending beyond the basic necessities (because that would be close to impossible!). What you need to do is consciously make the right spending choices so you can get most out of your money.

Take advantage of promos and offers that would give more bang for your buck.

If you’re a BDO Credit Cardholder, you can take advantage of exclusive offers, discounts and treats for shopping, dining, entertainment, travel, and more.